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Article Date: February 2017
Word Count: 456

Fitbit Q4 Was Very Bad, as Expected


The outcome of FIT’s final quarter was largely forewarned by its pre-announcement last month, with a net loss of $146,273,000 vs. a profit of $64,165,000 last year on 19% lower sales at $573,775,000 down from $711,570,000. Black Friday was weaker than expected and the sales never recovered through the quarter. Gross margin cratered to 22.4% from 48.9% last year on a $78 million write down of tooling equipment and component inventory, $42 million of rebates and promotions, $41 million of increased return reserves, and $17 million of increased warranty reserves for legacy products. Operating expenses bulged by $74 million on ... Log in to view full article.

 


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